#066: Abacus Wealth Partners - Co-Founder Spencer Sherman

Money is always on our minds. Abacus Wealth Partners Co-Founder Spencer Sherman joins Fran Racioppi to discuss money, how we think about it, what we do with it, and where the economy is going. 


Spencer oversees $4B in assets. He is the author of The Cure For Money Madness and the creator of Fearless Finance, a course designed to teach us how to effectively manage and handle our views and decisions about our money. 


He abides by Buddhist principles and the simple concept that the road to financial freedom is long and boring. Take a listen then check out Spencer's courses to unleash your money wisdom at Spencer-Sherman.com.


Read the full episode transcription here and learn more on The Jedburgh Podcast Website. Check out our video versions on YouTube.


Highlights:

-Why the topic of money is taboo. (5:45)

-Spencer’s entry into financial advisory to become an ally of the client vs a salesman of financial products. (8:13)

-A fire destroyed Spencer’s first firm. He re-entered the building to save his client files and changing his life. (11:17)

-Fran asks Spencer to apply the core teachings of Buddhism to financial planning: Impermanence, Mindfulness, Equanimity, Interdependence/Interconnectedness. (28:18)

-Spencer explains how simplicity in your portfolio is the key to long term wealth and why women are outperforming men in portfolio management. (37:46)

-Emotional intelligence is essential to financial decisions and includes self-awareness, self-regulation, motivation, empathy and social skills. (45:31)

-Fearless Finance: Financial Freedom on the Road to Enough is Spencer’s new course; determining your inner compass, overcoming fear, why we must think about death, how to define “enough” and the importance of generosity. (51:21 & 1:22:46)

-Spencer defines the four negative emotions that lead to lost money: anxiety, envy, shame or fear, selfishness. (1:06:38)


Quotes:

-”We have this idea that my self worth is equal to my net worth.” 

-”I know that the most important thing in my life is in that building…and if I don’t get it I know that my life is worthless.”  

-”Meditation is this training for the mind.” 

-”Mindfulness is really about being present with what’s happening and letting go of any judgment.” 

-”Have a boring portfolio. Live an exciting life.” 

-”If all of us could take on that beginner's mind, the world just opens up.” 

- “The problem with going for more and more and more is it trains our brain to be in a place of scarcity, a place of fear because we’re never arriving.” 

-“We’re actually thinking that we need more to get happy, when really we can be happy right now.” 

-”I think more about what’s possible.”

 

Spencer’s Three Daily Foundations to Success:

-Sit quietly to center self

-Take a cold shower to shock the system

-Complete a compassion practice

-Spencer’s bonus: journal then throw it out so you write anything down without hesitation


This episode is brought to you by Jersey Mike’s, 18A Fitness, and Analytix Solutions